The affluence of American Express customers partially insulates the credit card giant from economic uncertainty brought on by inflation and a government shutdown, executives at the card network said in a Friday earnings call.
The comments came in response to investor questions about possible headwinds weighing on the economy and threatening the consumer spending that New York City-based Amex depends on.
“Our card base is not representative of what’s going on across the United States,” Amex CEO Steve Squeri said. “It truly is a bifurcated economy. We have a small percentage of the cards, but our card holders are much more premium.”